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2 pages/β‰ˆ550 words
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Style:
APA
Subject:
Business & Marketing
Type:
Research Paper
Language:
English (U.S.)
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Date:
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Topic:

Wells Fargo-Price Elasticity

Research Paper Instructions:

***********************WELLS FARGO************WELLS FARGO*******************************
Prompt: Submit a draft of the supply and demand conditions (Section II) and price elasticity of demand (Section III) of your research paper, including all critical
elements listed below. You will analyze data on firm sales and in the market overall to identify trends and inform your recommendation for the firm’s future
actions. You will also use available data to determine the price elasticity for the goods or services your firm produces and explain the factors that influence
consumers’ reactions and the firm’s pricing decisions.
Specifically the following critical elements must be addressed:
II. Explore the supply and demand conditions for your firm’s product.
a) Evaluate trends in demand over time and explain their impact on the industry and the firm. You should consider including annual sales figures for
the product your firm sells.
b) Analyze information and data related to the demand and supply for your firm’s product(s) to support your recommendation for the firm’s
actions. Remember to include a graphical representation of the data and information used in your analysis.
III. Examine the price elasticity of demand for the product(s) your firm sells.
a) Analyze the available data and information, such as pricing and the availability of substitutes, and justify how you determine the price elasticity
of demand for your firm’s product.
b) Explain the factors that affect consumer responsiveness to price changes for this product, using the concept of price elasticity of demand as your
guide.
c) Assess how the price elasticity of demand impacts the firm’s pricing decisions and revenue growth.

Research Paper Sample Content Preview:

Wells Fargo-Price Elasticity
Student’s Name
Institutional Affiliation
Wells Fargo-Price Elasticity
Wells Fargo is a financial service and banking company that has approximately $1.9trillion of assets spread out in 42 countries with about 8,400 locations. The company has, over the years, successfully offered excellent financial services to millions of customers over the American territory (Wells Fargo 2020). This success is based on various supply and demand factors, namely quality, cost, and delivery.
Supply and Demand Conditions
To ensure its success, Wells Fargo focuses on quality service to its customers. Supply and demand require quality be of more standards and not only as a requirement in for service production. Wells Fargo ensures quality through timely service of low inventory levels as they have buffers for protection from quality failures. Through this mechanism, Fargo can enjoy benefits exceeding its quality levels. Also, the costs of the services an essential condition for supply and demand in Wells services. Costs always act as a critical condition in the global market, with a rise in the global gaps of prices between competitors.
Wells Fargo cost is through the interest rates in which it has the least of all its competitors. The cost factor is achieved through an improved communication standard, reduction in logistic costs, and use of technology that is universally accessible regardless of the location. Delivery of service has also enabled the company to stay on top. This ensured though timely loan processing, fast mortgage delivery to the clients, and real-time data processing on all banking record information. Wells Fargo has recorded a yearly average of $85 billion for the past ten years on its financial services, which is credited to its quality service delivery following the discussed conditions and mechanisms discussed (Statista 2020).
An analysis of supply and demand for Wells Fargo during the past ten years shows that at the beginning, there were fewer customers; thus, the compa...
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